Godrej Security Solutions eyes 8% growth in locker biz

Godrej Security Solutions, a division of Godrej and Boyce Manufacturing Company Ltd unveiled two new products here Friday, aiming to garner eight per cent growth in the locker category, according to a top official.

The two new products -- an Autovault -- aimed at serving High Net Worth individuals in the banking and financial services sector and a Defender Prime Neutronics safe -- for the gems and jewellery industry.

Briefing reporters, Godrej Security Solutions Vice President-Head B2B, Pushkar Yeshwant Gokhale said Autovault, based on a robotic platform, is imported from Japan as Completely Knocked Down units.

"It is a robotic locker system. Currently we have installed it in two banks in Mumbai and Ahmedabad", he said.

The main function of the locker facility was that it would allow a customer to access the strong room at their convenience, instead of depending on banking hours, he said.

"Suppose a person wants to visit the facility around 8 PM, he or she can go and access it using the card and keys given to her. The facility will be located adjacent to the bank", he said.

To a query, he said the price for setting up such a locker facility would vary, depending on the requirement. It may cost around Rs 4.5 to Rs 5 crore to install 800 lockers, he said.

This was 7-8 times higher in terms of costs, but Autovault mandates six walls of the strong room made of reinforced cement and concrete, he said.

"Last year, the overall lockers business was around Rs 150 crore. This year we are looking at 7.5 to 8 per cent growth (in this business)", he said.

On the Defender Prime Neutronics safe, Gokhale said it is a wireless facility which instantly alerts eight people, including a customer, police and bank officials during a burglary attempt.

A Duress Alarm feature in it enables the safe to automatically send out a silent alarm to registered users in the event of a distress situation, he said.

"This is particularly important if the robber coerces the owner to open the safe", he said.

Gokhale said the company was also looking at expanding its presence from the current 110 to 250 districts across the country by FY 2020.